Commercial hammer prices
The amount West Melbourne’s Railway Hotel sold for at auction. The hotel occupies a prime site at 118 Ireland Street, on the corner of Stawell Street and alongside the recently upgraded NORTH MELBOURNE Railway Station. It was purchased by a private developer following a marketing campaign by CBRE’s Scott Callow. The purchaser was one of four bidders at the February 23 auction. The developer will seek development approval to convert the hotel to apartments. The hotel dates back to the mid-1800s and is said to have the longest horseshoe-shaped bar in the southern hemisphere. It has been used as setting for crime shows like Underbelly and Stingers.
The net yield a Melbourne-based private investor will secure on an industrial property purchased for $840,000 in Croydon, in Melbourne’s eastern suburbs, in a deal negotiated by Savills Adrian Smith and Lynton Williams. Located at unit 16, 114-118 Merrindale Drive on the Merrindale Business Park, the property comprises a near-new 600-square-metre office and warehouse facility. The property was sold subject to a six-year lease with a six-year option to R Mensa Pty Ltd trading as Creative Concrete Concepts. “This is the sort of property that ticks all the boxes for investors: A secure lease profile, a virtually new building, and a sought-after location both in terms of transport access and proximity to clients and suppliers,’’ say Smith.
Roughly how much the Australian Property Growth Fund (APGF) is seeking for the Richmond headquarters of Australian fashion label Country Road. The two- and three-storey office complex known as “Building 3” is located at 658 Church Street within the Richmond Corporate Park and was once the former Richmond Power Station, constructed in 1891. The building is valued at $29.75 million. It was acquired by APFG in 2003 for $23.2 million and is the only asset in its Property Syndicate No. 4. It measures 8,205 square metres and sits on more than one hectare (10,276 square metres) of land. The building currently returns net rent of around $2.71 million per annum. The fully tenanted building is being marketed by Colliers International directors Peter Bremner and Rob Joyes in conjunction with agents Andrew Dawkins and Walter Occhiuto, of Dawkins Occhiuto. The property is for sale by expressions of interest closing Thursday March 15, 2012 at 4pm.
How much a private Sydney-based investor has paid to purchase about 15.98 hectares of vacant land at Lot 4, 1-3 Industry Drive in North Orange Industrial Estate in the NSW country town of Orange. The industrial property was sold under instructions from receivers and managers Grant Thornton. Tony Gargaro and Derek Erwin of Knight Frank brokered the sale.
How much a local Orange investor has paid to purchase a modern 3,915-square-metre warehouse on about 12,020 square metres at Lot 3, 7 Industry Drive North Orange Industrial Estate. The property has a remaining eight-year lease to Major National Tenant, Grace Records Management with a Net Income of $368,000 per year plus GST. Tony Gargaro and Derek Erwin of Knight Frank brokered the sale.
The price paid by global fund manager Aviva Investors Asia to acquire the premises that house well-known Sydney eateries Otto Ristorante and Kingsleys Steak and Crabhouse on Woolloomooloo’s Finger Wharf. Aviva has acquired lots 6 and 7, which houses Otto Ristorante and measures 747 square metres of retail space, and lot 8, home to Kingsleys Steak and Crabhouse, which measures 570 square metres. Michael Gilbert of Chesterton negotiated the sale alongside colleague Michael Stokes. Lot 5, the 540-square-metre premises of Manta restaurant, has been temporarily withdrawn. In a December 2007 investor presentation the properties were valued at $28.5 million.